Internet of Things (IoT) is a big thing, believe it or not – the market will grow as new technologies emerge and connectivity improves. Gartner, a research firm, predicts that the automotive and enterprise IoT market is going to grow $5.8 billion by 2020 translating to a 21 percent increase from 2019. Although statistics vary when it comes to predicting the number of devices connected to the internet or IoT devices, what we cannot brush out is that the adoption of IoT is incredibly high.
Even as businesses look into ways in which they can utilize IoT, they need to ensure that they understand the stakes. Data is very important for the growth of businesses – it helps make strategic decisions. Businesses that need IoT development can seek professionals in this field to help layout the platforms they need that are powered by the Internet of Things.
The Internet of Things and its increasing adoption rate will continue to evolve and change the way we work, today and in the future. Since the internet was discovered and launched, connectivity has existed meaning that IoT is not a new thing. But since IoT isn’t just about connectivity, it involves other things including the data that is garnered as a result of having connected devices, it would mean that in terms of data levels, it’s only recently we have started having such huge data. Ideally, by tapping into huge datasets and picking up fundamental insights via reports and analytics, companies can tailor their processes and deliver individualized or personalized user experiences while at the same time being able to identify new opportunities to propel growth and foster competitiveness.
Business owners don’t have to look very far in order to see evidence of the quick uptake of the Internet of Things as well as the benefits it brings to the business world. Internet of Things makes access to data and information easier. Businesses can get data that is sitting far from their location in real-time. Because of the network created by the connecting devices, an individual is able to access any information in any part of the globe. This way, people can go about their work regardless of whether they are physically present or not.
Again, IoT enhances communication through the network of connected devices. This ensures that the communication is transparent and there is reduced inefficiency. Processes in which machines communicate with one another are also made efficient. IoT also fosters automation since those devices are used in managing everyday tasks thus enhancing the quality of services and reducing the rate of human intervention. To start reaping the benefits of the Internet of Things, businesses should seek to hire IoT development team that understands the Internet of Things ecosystem and how it drives the businesses to grow.
To ensure the success of the Internet of Things, businesses have to carefully consider some things like connectivity. You have probably heard about edge computing and now 5G.
Edge Computing and IoT
Edge computing simply refers to devices that garner data away from a large data center. In the past, devices didn’t have the kind of computing power we see today. The devices didn’t have the kind of storage capabilities we witness today. Traditionally, the devices were not able to hold a massive amount of data and analyze it – therefore, it could be sent to the cloud for examination. Nowadays, these devices are being designed with embedded functionalities thus allowing them to apply technologies like machine learning (ML) and analytics to extract useful insights from the garnered data.
Since information and insights can be obtained through business intelligence, it is possible for businesses to make an informed decision based on that data. The new features like machine learning allow businesses to be able to process data is a faster way which is not only cost-effective but also well streamlined. Besides, having data stored locally in a device helps reduce the requirements for bandwidth and low latency thus reducing stress on the network.
With the introduction of faster networks like the 5G, it makes the work of the Internet of Things development services easier. More companies are able to realize the importance of tapping into the IoT and dealing with the challenges that come with this ecosystem.
Having Global Standardisation
In various industries, there are issues arising because of having disjointed IoT supply chains. In these chains, there are sensors that are programmed to communicate or talk to each other. On the other side, a connected chain offers an all-inclusive operation since the sensors are able to understand one another thus they work together. This means all suppliers can contribute to the process. If a connected supply chain is to be created, it means that vendor-lock in would be eliminated. In order to achieve this, global standardization is needed – whereby organizations establish interoperability in products and services so that information can flow freely between sensors.
One of the challenging things about new technologies and innovations is lack of interoperability and the same is seen with IoT supply chains. Creating a standardized platform that is interoperable is going to important if businesses have to optimize their Internet of Things network.
IoT Security Issues
While there are many benefits that come with the Internet of Things, there are also shortcomings that businesses need to be aware of. One of the challenges that the Internet of Things (IoT) encounters is a security problem. As more devices get connected to the internet, the surface area for cyberattacks is widening. The increasing number of connected devices means that the access points for malicious actors also widen. These attacks can infiltrate a company’s network from various access points. For example, developing a connected car today involves different manufacturers, suppliers, as well as sensors and systems.
So, when it comes to determining who is responsible for security after the product is finished becomes a challenge. Endpoint security, however, is now being addressed by the use of other technologies like blockchain, artificial intelligence and machine learning. IT leaders are using these innovative technologies to help deal with the security lapses that are witnessed in the Internet of Things network. That being said, we are yet too far from completely resolving the problem. Until we reach that point where the security problem is addressed, businesses will have to ensure there is network monitoring using always-son security processes.
IoT and 5G – The Future
In 2019, the 5G network was introduced for smartphones and tablets. The introduction of the network has helped transform different areas that go beyond mobile devices. The high-speed connections, extended locations, and reduced latencies – features that go hand in hand with the connectivity – allow new cases of the use of the Internet of Things. The 5G network allows the organization to be able to collect as well as analyze data not only in real-time but also in an efficient manner. This, in turn, allows more applications of IoT while also ensuring innovativeness. The 5G network is still in its early stages and it may not have the ability to entirely overhaul the Internet of Things industry. Internet of Things will continue to advance as the challenges are resolves and innovations brought in across the technology sector.
The world is looking forward to having an entirely connected future. Market drivers offer added value via connectivity of all things from street lighting to industrial robotics to home appliances. Connecting things has become easier today with the improvements of end devices and the enhanced investments in IoT systems as well as the adoption of global standards. Cloud computing, edge cloud, security enhancement, and artificial intelligence are some of the things that have accelerated the evolution of the IoT ecosystem.
In essence, the Internet of Things is changing businesses and transforming the lives of people. This innovation will continue to grow in the future as more devices get connected to the internet. Over the next decade, it is expected that tens of billions of devices will be connected globally creating economic value of multi-millions of dollars across many markets. Businesses should now be utilizing the Internet of Things in order to help them advance and grow. Seeking the services of an IoT development company helps a business to explore the various ways it can take advantage of the data that is garnered from the connected devices. The IoT development team works closely with the business to ensure that it gets a product that it can use to explore and analyze the data that is collected from the connected devices or IoT devices.